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defensive stocks also helped you push the asx 200 higher. sensex trading lower by 0.3%. back to you. >> all right. here we are european stocks, first trading day of december, an hour and ten minutes in to the session. not bad last month. ftse up 1.5%. we're weighted to the up side a little bit more than 7:2, advancers outpacing decliners on the stoxx 600. ftse up 1.5% last month, dax up 2, contact 340 up nearly 4%, xetra dax up 0.4%. the ibex fairly flat. let's show you where we are with bond rates, as well. we'll take a look at gilts. slightly lower, 1.77%. big day for uk. manufacturing pmis out for the month of november. italian and ten year sbpanish yields are also lower. down on the greek announcements, but substantially below 6%. ten year bunds 1.37%. those yields slightly higher. on the currency markets, we talked about this euro-dollar six week high. below that at the moment, but not by much. dollar-yen moving off the 7 1/2 month high at 82.17. aussie dollar weaker despite the good chinese data. dipping below 1.04 earlier on. we had retail sales data that was a li
defensive stocks also helped you push the asx 200 higher. sensex trading lower by 0.3%. back to you. >> all right. here we are european stocks, first trading day of december, an hour and ten minutes in to the session. not bad last month. ftse up 1.5%. we're weighted to the up side a little bit more than 7:2, advancers outpacing decliners on the stoxx 600. ftse up 1.5% last month, dax up 2, contact 340 up nearly 4%, xetra dax up 0.4%. the ibex fairly flat. let's show you where we are with...
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hasn't heard as much from defense. you are from a state that relies on that defense budget. it will get cut substantially. where does defense end up if we do get a deal? >> everybody wants to avoid sequestration. lots of my friends in the defense industry say don't do sequestration. do simpson-bowles indicating they have not read simpson-bowles because it was almost as high as sequestration in the top number. the numbers are roughly within the budget control act over ten years about $480 billion of defense cuts. sequestration almost doubles that. i think you'll see something north of 480 billion. substantially lower than that 950. what folks in defense industry have said is in addition to giving us a number, give us the ability to plan. one of the things that hobbles our defense industry more than anything is the absurd way we have run the federal government on three and six-month continuing resolutions. give us a window to plan and any legitimate business can plan against the budget. give us that number. >> some see that debt limit control being taken away from congress as
hasn't heard as much from defense. you are from a state that relies on that defense budget. it will get cut substantially. where does defense end up if we do get a deal? >> everybody wants to avoid sequestration. lots of my friends in the defense industry say don't do sequestration. do simpson-bowles indicating they have not read simpson-bowles because it was almost as high as sequestration in the top number. the numbers are roughly within the budget control act over ten years about $480...
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about half of those would be defense. if you look at those million or so defense jobs that are at risk, about half of them are small businesses that would be impacted. they don't get maybe quite the same headlines as utc or north up there grom monday or lockheed martin, some others, but these are companies across the united states that make up aerospace industry association. 200, 300, 400-people companies that are at risk right now. >> david, thank you. appreciate it. >>> if you are a fan of the show "homeland," you are going to lot of true story we have coming up. details of the plan to double america's spy network. >>> and now for our fun fact of the day. on this day in 1931, alka seltzer hit the market. that's 81 years of easing your indigestion and headaches. hallelujah for that. she keeps you guessing. it's part of what you love about her. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more conf
about half of those would be defense. if you look at those million or so defense jobs that are at risk, about half of them are small businesses that would be impacted. they don't get maybe quite the same headlines as utc or north up there grom monday or lockheed martin, some others, but these are companies across the united states that make up aerospace industry association. 200, 300, 400-people companies that are at risk right now. >> david, thank you. appreciate it. >>> if you...
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banks, miners and defensive stocks broadly lower. sensex trading higher by 0.2%. back to you. >> catch you a little later. that's the latest from singapore. let's get the view with daniel morris, jpmorgan. daniel, good to see you. what's your view at the moment? i want to put the u.s. data into context on the ism manufacturing because it didn't tally with markets of smaller companies, as well, so what does it mean? >> you kind of picked the one that you want or at least tells the story that you want to tell. they kind of balance each other out, one positive, one negative. so if you look at the other trends for the economy, it's still the same of steady slow appreciation and that there really i don't believe is any effect from the supposed anxiety about the fiscal cliff. i think people know there will be some type of resolution. we didn't know the details or when. but companies are still investing the way they would normally do and they're not stopping because of -- >> that doesn't make us quake a bit about the jobs report later this will week and what that does fo
banks, miners and defensive stocks broadly lower. sensex trading higher by 0.2%. back to you. >> catch you a little later. that's the latest from singapore. let's get the view with daniel morris, jpmorgan. daniel, good to see you. what's your view at the moment? i want to put the u.s. data into context on the ism manufacturing because it didn't tally with markets of smaller companies, as well, so what does it mean? >> you kind of picked the one that you want or at least tells the...
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does the defense industry have any defense if we go over the fiscal cliff and it's starved of billions of dollars in contracts or are massive job cuts unavoidable and on the horizon? then that millionaire next door, he may no longer be a millionaire, or she f we go over the fiscal cliff. our wealth editor robert frank tal lis up the casualties coming up. you're watching "closing bell" on cnbc. this is america. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero heartburn. a passionate belief, and the foundation on which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> who doesn't want a speci
does the defense industry have any defense if we go over the fiscal cliff and it's starved of billions of dollars in contracts or are massive job cuts unavoidable and on the horizon? then that millionaire next door, he may no longer be a millionaire, or she f we go over the fiscal cliff. our wealth editor robert frank tal lis up the casualties coming up. you're watching "closing bell" on cnbc. this is america. we don't let frequent heartburn come between us and what we love. so if...
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there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a lot of bipartisan defense spending. for example, the defense authorization bill that just passed yesterday in the senate gave the pentagon $17 billion more than they asked for. so to think that any industry or any taxpayer or any group of people who depend on government spending can be exempted from the serious problem that we have that's caused by this deficit is a mistake. everybody is going to have to pay for this. >> dawn, right or wrong, the defense industry has this reputation of being bloated, overcharging. are we at a point where we could afford to make cuts in defense spending to try and satisfy the needs of lowering the deficit in this country? >> you know, the real issue we've already seen through the budget control act, the defense has already witnessed significant cuts. i think when you're looking at the resolution here, resolving the negotiations so we don't go to the fiscal cliff, the real issue is everybody
there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a lot of bipartisan defense spending. for example, the defense authorization bill that just passed yesterday in the senate gave the pentagon $17 billion more than they asked for. so to think that any industry or any taxpayer or any group of people who depend on government spending can be exempted from the serious problem that we have that's...
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not the obvious ones like defense. given the defense budget will be cut dramatically if our leaders don't reach a compromise, take retail. if we go over the cliff, something i've been telling you as of this week, more likely by the day, not less, that will deal a huge blow it purchasing power of most americans. think about it. tax rates go up. >> boo. >> the payroll tax holiday goes away. [ buzzer ] unemployment benefits expire for most people -- [ baby crying ] and that's is not even accounting for the layoffs. that's just being cautious. put it together, unless we get a deal, which won't be bad news for the single biggest consumer play out there, which is retail. so even though we're having a real good holiday shopping season that we're seeing so far. pbh told us that. you expect retail to be in trouble. once the holidays ends, things can get a whole lot worse. not just the fiscal cliff. two weeks ago aggregate retail sales that showed a 3% decline. last friday's gdp indicated that growth and personal consumption dec
not the obvious ones like defense. given the defense budget will be cut dramatically if our leaders don't reach a compromise, take retail. if we go over the cliff, something i've been telling you as of this week, more likely by the day, not less, that will deal a huge blow it purchasing power of most americans. think about it. tax rates go up. >> boo. >> the payroll tax holiday goes away. [ buzzer ] unemployment benefits expire for most people -- [ baby crying ] and that's is not...
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sentenced by the turkish courts yet only recently they were given the basic right to make a statement or a defense in their mother tongue so there's a lot of problems still existing in turkey and kurds are not only students of turkey but there are also millions of kurds who are students of iran who are students of iraq and who are students of syria so it's a very complex matter if turkey of the current government of turkey is keen to see it is a good question then they need to start thinking regionally rather than only about kurds within turkey you know they always come up with do with the issue of p.k. k. being a fighting force in turkey in iraq or encounter the mountains between iraq and iran and then also the us use that as an excuse to continue in their mistreatment of kurdish political activists and so on they and within turkish territory but that is a problem i mean says brown prime minister erdogan has done a lot for kurds which is you know everyone agrees on that but prime minister erdogan needs to think twice before he acts on syria before he deals with these problems and so on with iran
sentenced by the turkish courts yet only recently they were given the basic right to make a statement or a defense in their mother tongue so there's a lot of problems still existing in turkey and kurds are not only students of turkey but there are also millions of kurds who are students of iran who are students of iraq and who are students of syria so it's a very complex matter if turkey of the current government of turkey is keen to see it is a good question then they need to start thinking...
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the defense layoffs right off the bat if we go over the fiscal cliff, 600,000 people work in the defense industries. the top 14 or 15 companies, 600,000. right off the bat, 40,000 jobs get cut. >> i agree. >> those cuts continue into 2013, 2014 because of the nature of these long-term projects. this will ripple through the economy. not just defense. it's going to hit sentiment. it's going to hit -- because it's all layoffs. >> i agree. there will be others that will come through but i think they'll be using it as a crutch at some point as well. you have more coming up next hour. >> we really want to get into the cuts coming to state, city, the local governments. that's going to take money out of education, all the things we care about. so, the fact these lawmakers are sitting down and, like, sort of keeping with these opening salvos, it's frustrating. the time is over, bill. you had 13 months. we have 28 days left. >> moving on. we'll do the same, as a matter of fact. we're coming back for the closing countdown. >>> after the bell, spending is not the only thing that will be significantl
the defense layoffs right off the bat if we go over the fiscal cliff, 600,000 people work in the defense industries. the top 14 or 15 companies, 600,000. right off the bat, 40,000 jobs get cut. >> i agree. >> those cuts continue into 2013, 2014 because of the nature of these long-term projects. this will ripple through the economy. not just defense. it's going to hit sentiment. it's going to hit -- because it's all layoffs. >> i agree. there will be others that will come...
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industries like aerospace and defense in particular. through the defense cuts, they'll be substantially impacted. >> we'll leave it there. thanks for being on the program. >> thanks for having me. >> so much for the fiscal cliff. why is the head of td bank group so bullish on the united states right now? he'll join me for another cnbc exclusive next. we'll also talk about his company's earnings. >>> later, will the shaky global economy throw a wrench into luxury goods maker ppr's balance sheet? back in a flash plp. . there is no mass-produced human. every human being is unique. and there is one store that recognizes it. the sleep number store. the only place in the world you'll find the extraordinarily comfortable sleep number experience. an exclusive collection of innovations that totally individualize your sleep. perfectly comfortable pillows that adjust to your size and shape. temperature-balancing bedding. dual warmth comforters. all designed around the sleep number bed: a bed with dual-air technology that allows you to adjust to th
industries like aerospace and defense in particular. through the defense cuts, they'll be substantially impacted. >> we'll leave it there. thanks for being on the program. >> thanks for having me. >> so much for the fiscal cliff. why is the head of td bank group so bullish on the united states right now? he'll join me for another cnbc exclusive next. we'll also talk about his company's earnings. >>> later, will the shaky global economy throw a wrench into luxury goods...
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a great defense company. on top of which you're getting one of the best ultra luxury good manufacturers in gulf stream at the same time. as you all have been talking about, we think at the last possible moment after republicans and democrats have exhausted every other alternative, they'll do the bare minimum and kick the can down the road on most of it. we don't think sequestration is likely to hit. we think general dynamics business is a good business, a lot of exposure to emerging markets outside the u.s. their tech service business is doing well, even the combat and marine divisions we think will be more resilient than people are giving them credit for. and they've got a blue chip balance sheet, strong balance sheet, strong cash generation, around 10% free cash flow yield and ten times earnings right now. so we like long-term fundamentals. again, we think that republicans and democrats will kick the can down the road. and, remember, the fiscal cliff is not really a cliff. even if we come to january 1st, it
a great defense company. on top of which you're getting one of the best ultra luxury good manufacturers in gulf stream at the same time. as you all have been talking about, we think at the last possible moment after republicans and democrats have exhausted every other alternative, they'll do the bare minimum and kick the can down the road on most of it. we don't think sequestration is likely to hit. we think general dynamics business is a good business, a lot of exposure to emerging markets...
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>> yes. >> australian defense minister. whatever you down there. is warning people, dent use apple maps. it could be fatal. some people got lost in a national park. >> right. giving incomplete instructions. >> right. left at the dingo, right at the crocodile. they were getting stuck. australian police said don't use apple maps, they are dangerous. which is just bizarre. >> it is bizarre. feels like it is a little dire. in terms after warning. >> yeah. if you're under a national park in the outskirts, you're not in the hard streets of melbourne. >> people get lost in those national parks all the time. i get lost in them. follow the national dingos. follow the ants. they are going to water. >> maybe the dingo ate your lunch. >> i'm stopping there. >>> there is a concern that apps aimed at kids may track and store information about them without letting parents know. julia has been following this story for us from los angeles, and she is a mother also. julia, tell us more. >> well, mandy, the title of the fdc's new report says it all. the report is cal
>> yes. >> australian defense minister. whatever you down there. is warning people, dent use apple maps. it could be fatal. some people got lost in a national park. >> right. giving incomplete instructions. >> right. left at the dingo, right at the crocodile. they were getting stuck. australian police said don't use apple maps, they are dangerous. which is just bizarre. >> it is bizarre. feels like it is a little dire. in terms after warning. >> yeah. if...
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be on the defensive side and you will be amply toward it. >> which is why people are sitting on their money right now. you are saying the fed is still there. you have the aftereffects of superstorm sandy, accommodative policy by the fed and you think that spurs growth in the u.s. how strong will it be? >> first thing, we have grown 2.5% in the last four quarters. and i think we will go up to 3% growth next year. i think there is some fiscal tightening but that is nothing new. we are getting rapid money growth and record-low mortgage rates, drop in gas prices, drop in the dollar, lower inflation boosting income and it's working because we are getting more parts of the economy gearing. a year ago we had no bank lending and now we have a full year of it. in addition to that, i think next year's profile will be much more impacted by what happens in the emerging world if they pick up again than what is going on in washington. >> i would differ significantly in terms of where we are headed and the recommendation for investors. first, this is the slowest recovery we have had with the sharpne
be on the defensive side and you will be amply toward it. >> which is why people are sitting on their money right now. you are saying the fed is still there. you have the aftereffects of superstorm sandy, accommodative policy by the fed and you think that spurs growth in the u.s. how strong will it be? >> first thing, we have grown 2.5% in the last four quarters. and i think we will go up to 3% growth next year. i think there is some fiscal tightening but that is nothing new. we are...
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they're not taking the type of defensive, decisive action. if we get a downgrade and if this happens, it will be terrible for the market. that's what's potentially on the market, if we don't make a deal in washington. >> scott, let me ask you again how you want to allocate capital then in that environment. i know george young is with us again, joining the conversation. i want to ask you the same question. go ahead, scott. how are you investing right now? >> maria, i think the best way forward is the way it's worked since the bottom of the market in 2009. risk assets are where it's at. the fed is very supportive. the consumer is back and engaged. housing is getting better. the fiscal cliff is actually constructive from the standpoint it causes people to come together and compromise because going over the cliff while we may do it for a short time period is not beneficial to anybody. it hurts everybody. >> so risk assets being, what, technology? what does that mean, technology? >> not necessarily. we would stay with dividend payers. we would als
they're not taking the type of defensive, decisive action. if we get a downgrade and if this happens, it will be terrible for the market. that's what's potentially on the market, if we don't make a deal in washington. >> scott, let me ask you again how you want to allocate capital then in that environment. i know george young is with us again, joining the conversation. i want to ask you the same question. go ahead, scott. how are you investing right now? >> maria, i think the best...
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intelligence during the time he was in a field he was one of the harshest critics of defense intelligence by the fact it was not responsive to he and other members of the military community now i'm a duty case officer i served my time and. as more about my book operation dark heart talks about the work i did for dui in afghanistan in two thousand and three and two thousand and four with that said our operations the operations we're talking about here are really designed to support those military forces in combat so what becomes peculiar obviously is we're drawing down two wars right now so the question becomes why did you expand at the time you're actually pulling out of afghanistan and i've already left iraq and that's leaving a lot of people with their head scratching their heads at this point i want to expand the cia the cia why out of the d i a it couldn't decide to do the job valid question at cia has become enamored with drones i don't know if you've been you know has been paying attention to this a little earlier. yeah i know and this is one of the problems they want to become a dr
intelligence during the time he was in a field he was one of the harshest critics of defense intelligence by the fact it was not responsive to he and other members of the military community now i'm a duty case officer i served my time and. as more about my book operation dark heart talks about the work i did for dui in afghanistan in two thousand and three and two thousand and four with that said our operations the operations we're talking about here are really designed to support those...
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former deputy assistant defense secretary. rula let me begin with you. is this going to blow up into a civil war and blow up? >> no, i think it is against him grabbing power. it is a sign that he needs to back off and drop the decrees and make a constitution that is not acceptable by the egyptians. he is not governing in the name of the muslim brotherhood. he needs to listen to them. >> his recent actions suggest that the answer is no. and that is he going his own way. >> i hope she is right. everyone that you can think of is that the people who prevailed is that the people who are the most organized are the most ruthless. i want to ask you about the role of al qaeda in iraq and in jordon. could this spread to iraq? >> i think they have nothing to do with each other. it is wrong. they are two different cultures. they are a million years away from each other. let protesters are civil enough not to become violent. you saw the soldiers and the police men. they let them say what they wanted. and the us aid. and here the government has a major role because we
former deputy assistant defense secretary. rula let me begin with you. is this going to blow up into a civil war and blow up? >> no, i think it is against him grabbing power. it is a sign that he needs to back off and drop the decrees and make a constitution that is not acceptable by the egyptians. he is not governing in the name of the muslim brotherhood. he needs to listen to them. >> his recent actions suggest that the answer is no. and that is he going his own way. >> i...
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as such, there's an opportunity to be defensive. look for some of those lower beta strategies. look for the defense sectors. >> in the meantime, it is pretty clear the markets are anticipating we're not going to go over this cliff, isn't it? >> yeah, they sure are. i'm surprised to see the level of optimism that congress is going to come to some resolution here. i think it's scary there's no plan "b." i kind of have three ideas of my own. the first one is let's get real, folks. if everybody on wall street thinks something is going to happen, there's a good possibility the opposite is going to happen. to me, i think it's a good time to maybe take a little money off the table, go to a little cash. the second thing is, when this market -- if we go into january without a deal, we could see a market drop on a level of what happened in 2008 when we failed to come to a t.a.r.p. agreement. 30% the market lost. >> that was a 700-point selloff. >> just like that. >> so joe, what do you think about that? i know you're saying, look, don't freak out, stay calm, assess the situation. but wha
as such, there's an opportunity to be defensive. look for some of those lower beta strategies. look for the defense sectors. >> in the meantime, it is pretty clear the markets are anticipating we're not going to go over this cliff, isn't it? >> yeah, they sure are. i'm surprised to see the level of optimism that congress is going to come to some resolution here. i think it's scary there's no plan "b." i kind of have three ideas of my own. the first one is let's get real,...
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one thousand nine hundred five they show how a network of fund companies connected to these weighty defense ministry smuggled nuclear triggers out of the united states to israel what's a parent in the documents is that the israeli ministry of defense would place an order for prohibited items with an israeli company called he light trading the light trading is where benjamin netanyahu worked and would meet with richard kelly smith. when he visited israel then they would transfer the order to an organization called milko in california to fulfill the order violating export control act and shipping the triggers out of the united states they called it the operation project printer all the allegations are based on smith's testimony and many have been surprised by the detail if you take a look at the documents netanyahu is definitely mentioned in the documents and that's what surprises us because typically. you get two types of sensors of this type of document sometimes a block off an entire page sometimes of this block of a name in this case netanyahu his name is clearly stated in the documents i
one thousand nine hundred five they show how a network of fund companies connected to these weighty defense ministry smuggled nuclear triggers out of the united states to israel what's a parent in the documents is that the israeli ministry of defense would place an order for prohibited items with an israeli company called he light trading the light trading is where benjamin netanyahu worked and would meet with richard kelly smith. when he visited israel then they would transfer the order to an...
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this one of these things, maybe the driving one, is defense of marriage act was about paying the estate act. where one of the two people said she didn't have to pay the estate tax because a married couple wouldn't have to. >> reporter: this is a case from new york. a woman named edie windsor who married her partner in canada. the partner died and left edie the estate. the federal government said we can't recognize you as married. the irs says you're not married as far as we're concerned she got hit with a tax bill of $363,000. >> we'll leave it there. many thanks. nbc's pete williams. now let's get right to our panel tonight. democratic strategic jimmy williams. wabz radio talk show host mark seimone and washington times opinion writer cari picket. we have a number of topics to chew on this evening. let's begin with the breaking news out of the scouupreme cour and a legal challenge major implications for federal and private benefit payments. cari, let me go to you first and get your first reaction to this. federal versus state. constitutional liberty and rights. the end of the doma act.
this one of these things, maybe the driving one, is defense of marriage act was about paying the estate act. where one of the two people said she didn't have to pay the estate tax because a married couple wouldn't have to. >> reporter: this is a case from new york. a woman named edie windsor who married her partner in canada. the partner died and left edie the estate. the federal government said we can't recognize you as married. the irs says you're not married as far as we're concerned...
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a slight positive on reducing non-defense spending for republicans. but then you take these last three. raising the retirement age, raising income taxes for everybody, raising medicare for spending. net negative for all three political factions. democrats, republicans, and independents. one thing you'll notice here quickly is that the red here, reducing military spending debt, is the most net negative for the republicans. even more negative than raisings taxes on all people. >> you know, i look at that. if i'm understanding it correctly, my initial reaction is, are americans just in a fantasy land over medicare spending? you can't get there unless you reduce medicare spending. >> i think that may be true. i think when we talk about leadership and political leadership taking risks, i think one of the things people have to do is politicians step forward and say, okay, here's the benefit and here's the cost. if weaver get there, we can start to poll that and ask people, will you pay "x" amount for this government service. that's really the question that'
a slight positive on reducing non-defense spending for republicans. but then you take these last three. raising the retirement age, raising income taxes for everybody, raising medicare for spending. net negative for all three political factions. democrats, republicans, and independents. one thing you'll notice here quickly is that the red here, reducing military spending debt, is the most net negative for the republicans. even more negative than raisings taxes on all people. >> you know,...
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attacking damascus and damascus understandably is shooting back and then turkey claims that it needs defensive weaponry to protect civilians and now if turkey were to stand down from supplying the rebels perhaps they would not have the problem of protecting civilians on their side of the border the russian says the deployment of the missiles will only escalate the conflict nato says it will d. as the employment of these missiles will act as a deterrent so we believe well i tunes have to believe president putin i'm afraid that the north atlantic treaty organization has not thought through the consequences of their actions we now see that in libya there has been the resurgence of a certain kind of islamicist strain that it has spread into northern mali and now the international community has to contemplate a military intervention basically to clean up the mess that was created by their intervention in north africa in libya in two thousand and eleven now there are seemingly pushing to install similar islamicist in power in damascus and i dare say in two thousand and thirteen some time next year t
attacking damascus and damascus understandably is shooting back and then turkey claims that it needs defensive weaponry to protect civilians and now if turkey were to stand down from supplying the rebels perhaps they would not have the problem of protecting civilians on their side of the border the russian says the deployment of the missiles will only escalate the conflict nato says it will d. as the employment of these missiles will act as a deterrent so we believe well i tunes have to believe...
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they'll know how much defense spending will be, they'll know what the human services cuts are. we've got certainty. >> yeah. >> my fear is they kick the can down the road and they'll get half the deficit reduction and then half of that will be funny money. >> exactly. they'll do 500,000, go up 2% and a couple of loopholes and put off cuts in defense and sequester. >> and you'll be right back here in another six or eight months. i think we ought to take the medicine and have certainty. >> going over the cliff can we all that rising above or do i need a new button, howard? >> this is the bipartisan compromise that was made and both parties can't back out of it and let's get the damn thing done and move on. >> all right, scary. >> scary, because you agree with me, joe. >> that's what i'm saying. that's what i'm saying. that's what i'm saying. anyway, we -- it -- funny the way you go out far enough on both sides and you end up -- >> it does bring certainty and the certainty that we'll be in worse shape than we even are today. >> i think einstein said that, howard, you come out far
they'll know how much defense spending will be, they'll know what the human services cuts are. we've got certainty. >> yeah. >> my fear is they kick the can down the road and they'll get half the deficit reduction and then half of that will be funny money. >> exactly. they'll do 500,000, go up 2% and a couple of loopholes and put off cuts in defense and sequester. >> and you'll be right back here in another six or eight months. i think we ought to take the medicine and...
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. >> i was talking to a defense analyst the other day. he said the problem with all of this is the fact i'm worried about my 9-year-old. i'm worried about my 15-year-old. they're going to be paying unbelievable tax rates because we are dumping all of this on them. so on the one hand, yes, it looks like -- he looks a little crazy in this. a little goofy. at the same time, he's appealing to kids because, guess what? it's on you, kids. >> and you know what? i'm thinking that generation is not listening right now. they're not paying attention. >> when they pay the tax rates at 90% or 75% like france is doing, they'll listen. thanks, alan simpson. >> we applaud your efforts there, senator. good job. all right. we'll come back with the closing countdown. market still losing altitude. up just 94 points. >> after the bell, he said there will be no fiscal cliff deal without higher tax rates. find out if treasury secretary tim geithner thinks going over the deal is a better option than compromising on revenue. he joins us at 4:00 p.m. eastern. you'
. >> i was talking to a defense analyst the other day. he said the problem with all of this is the fact i'm worried about my 9-year-old. i'm worried about my 15-year-old. they're going to be paying unbelievable tax rates because we are dumping all of this on them. so on the one hand, yes, it looks like -- he looks a little crazy in this. a little goofy. at the same time, he's appealing to kids because, guess what? it's on you, kids. >> and you know what? i'm thinking that generation...
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case, very bold statement there, to someone whose company will be decimated by the spending cuts to defense companies. you do not want to miss this confrontation. ricans are alwayso work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >>> pretty clear apple stock is having its worst week in more than two years. let's get to bertha coombs with the details. >> tough end of the week ear. it's apple's horrible, awful week. today's decline saw shares hit a real technical weak point, the so-called death cross. that's where the 50-day moving average, the top line in yellow, crossed below the orange line. that's the 200-day moving average. according to the spoke investment group, the last time that happened in september 2008, shares didn't bottom until januar
case, very bold statement there, to someone whose company will be decimated by the spending cuts to defense companies. you do not want to miss this confrontation. ricans are alwayso work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global...
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by hiring more than sixteen hundred undercover agents as part of an overhaul within the pentagon's defense intelligence agency which is expected to rival the cia scott horton contributing editor at harper's magazine believes the u.s. is admitting its neglected the old fashioned tradecraft of gathering intelligence. this planning change actually can be rather is is an admission of sorts and that is that the intelligence that's been collected by this massive apparatus has been very very weak particularly in the critical north east. middle east and. and the north africa region and also in pakistan the intelligence community did not see the arab spring coming. in the tori as mrs smith's about the situations in countries like egypt and syria for instance and i think in part this results from a heavy focus by the intelligence community overall or on what's called signal signals intelligence that is these very very sophisticated intercept systems to the detriment of the traditional human intelligence and i think that what we see in washington is a general acceptance of the fact that you can't do
by hiring more than sixteen hundred undercover agents as part of an overhaul within the pentagon's defense intelligence agency which is expected to rival the cia scott horton contributing editor at harper's magazine believes the u.s. is admitting its neglected the old fashioned tradecraft of gathering intelligence. this planning change actually can be rather is is an admission of sorts and that is that the intelligence that's been collected by this massive apparatus has been very very weak...
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here's a look at what the alliance's defense will look like on turkey's border to syria. >> it is designed to detect, intercept, and hit an enemy missile. there are batteries like these stationed in germany. some could be deployed to turkey within weeks. berlin is calling it a legitimate request from a nato ally. >> turkey has already been hit by cross-border mortar fire from syria, so it is understandable that turkey is holon and has asked the alliance for a sign of solidarity. refusing that request would have profound implications for the alliance and send the wrong signal to the regime of president assad. >> nato is warning damascus not to cross a red line, for instance, by using chemical weapons. >> the use of chemical weapons would be completely unacceptable for the whole international community, and if anybody resorts to these terrible weapons, i would expect an immediate reaction. >> apart from germany, the u.s. and netherlands are also expected to supply patriots. both have backed a rapid deployment to their nato allies. >> i think if one of our allies asks us to help with that, i
here's a look at what the alliance's defense will look like on turkey's border to syria. >> it is designed to detect, intercept, and hit an enemy missile. there are batteries like these stationed in germany. some could be deployed to turkey within weeks. berlin is calling it a legitimate request from a nato ally. >> turkey has already been hit by cross-border mortar fire from syria, so it is understandable that turkey is holon and has asked the alliance for a sign of solidarity....
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>> i think people have to be defensive in the short term. there will be a lot of rancor on both sides. so within the next month or so, as the fiscal cliff debate developments, there is limited up side for interest rates and it's hard to see stocks moving much higher. >> so let's suppose we get an agreement. that should increase confidence. does that mean the economy performs better next year than we expect and then what's the feed through from that? >> yeah, i think while we're now focused on a lot of the down side risks not only from the fiscal cliff but obviously also from the eurozone crisis, we may have overlooked some of these up side potential for next year. so if we get a favorable resolution for the fiscal cliff, i think we can see interest rates move up quite sharply. that would be because expectations for growth could be much higher, so if growth is around the 2% in the first half of the year, we could be haufing over the 3% range in the second half of the rear. that would mean higher interest rates and that could be a very poor re
>> i think people have to be defensive in the short term. there will be a lot of rancor on both sides. so within the next month or so, as the fiscal cliff debate developments, there is limited up side for interest rates and it's hard to see stocks moving much higher. >> so let's suppose we get an agreement. that should increase confidence. does that mean the economy performs better next year than we expect and then what's the feed through from that? >> yeah, i think while...
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two million jobs lost, big increases in taxes, defense budget cut. host of tax incentives disappearing? does that make you optimistic? i think you sound like an idiot if you're optimistic. if i were a ceo who reports after the cliff jump, i would say i'm thinking about laying off people because of lack of demand. because the despite the more rosy prognosticators who are surfacing, there's too much data that shows we will go into a recession from the sudden and worrisome bout of washington-administered austerity. bad guidance equals lower prices. second, while there are many onerous elements, the ones that receive the least attention might be the worst of them. the possibility that 30 million americans will be thrown into this alternative minimum tax scheme. i don't pay it but boy, i don't like it. the amt is an arcane tax, unlike payroll tax withholding, won't be visible to those it has ensnared until the end of the year. it could cause the average taxpayer to pay an additional $3,000 when she least expects it. talk about a nightmare. finally i'm wor
two million jobs lost, big increases in taxes, defense budget cut. host of tax incentives disappearing? does that make you optimistic? i think you sound like an idiot if you're optimistic. if i were a ceo who reports after the cliff jump, i would say i'm thinking about laying off people because of lack of demand. because the despite the more rosy prognosticators who are surfacing, there's too much data that shows we will go into a recession from the sudden and worrisome bout of...
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i don't like one of the defensive line guys that gets fired by the eagles. does he get to fly back from texas? we would fire these guys where they are, when they are on vacation. no. they get to take vacation without finishing their project. >> a couple good poll numbers out today. abc/"the washington post" if we went off people would blame gop by two to one margin and then the pew poll. 49% do not believe a deal will be reached. 40% say a deal will be reached. >> i just know that if you're a republican, there's a primary. if you are going to run in that primary going forward, you'll have no problem provided you pledge to norquist not to raise taxes and you don't. these guys don't worry about primaries. they don't care about what the republicans -- they don't even think themselves as republicans. they think of themselves as anti-tax people. and they feel they pledged to their constituents that they're won't be any tax. that's all they care about. >> they're $800 billion plus into a deal. >> i guess the gap has been -- >> right. it's been narrowed. >> every o
i don't like one of the defensive line guys that gets fired by the eagles. does he get to fly back from texas? we would fire these guys where they are, when they are on vacation. no. they get to take vacation without finishing their project. >> a couple good poll numbers out today. abc/"the washington post" if we went off people would blame gop by two to one margin and then the pew poll. 49% do not believe a deal will be reached. 40% say a deal will be reached. >> i just...
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>> for the next month, i have defensively positioned. what's worked in an environment where the fed is monetizing debt is stocks with bond like characteristics. it looks most like the bond market so that's what we're in. >> defensive stocks? >> yeah. utilities, health care and there is a portion of the market we would like to buy. the capital spending sensitive part, which has been the weakest bit. enterprise tack and industrial. but only on a correction that forces the politicians into what we describe as a good deal. >> so you don't do any of that now? >> no. for me, the market is in the wrong place given the massive deceleration and earnings we've seen and it's unlikely to change very much next year. and so this persistent fed making it more and more difficult to manage fixed income portfolios is probably going to affect that part of the stock market and keep a bid to it. but the more cyclical parts, i don't see them getting out of their own way for some time. >> did you already tell us you like small caps? >> wall street is now recom
>> for the next month, i have defensively positioned. what's worked in an environment where the fed is monetizing debt is stocks with bond like characteristics. it looks most like the bond market so that's what we're in. >> defensive stocks? >> yeah. utilities, health care and there is a portion of the market we would like to buy. the capital spending sensitive part, which has been the weakest bit. enterprise tack and industrial. but only on a correction that forces the...
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today whether to deploy patriot missiles to turkey and north in attempts to beef up the country's air defense now the move comes is meant to calm down circuits fears that civil war in syria will spill over the syrian borders and bring missiles into turkey together with chemical weapons which according to reports by media recent reports and just backed by the e.u. and the us officials. they say that syria has chemical weapons that are ready to be used against rebels in the port and of course turkey fears that those chemical weapons might also spill over the border into turkey although president bashar al assad has said that this is not the case and syria will never use chemical weapons against their own people they fear still remained here the nato headquarters and secretary general has already said that if this is indeed the case an immediate response should come from the international community mediately of course russia has already vetoed such responses from the ins not the international community in the u.n. security council before so this issue is still something russia nature cannot agre
today whether to deploy patriot missiles to turkey and north in attempts to beef up the country's air defense now the move comes is meant to calm down circuits fears that civil war in syria will spill over the syrian borders and bring missiles into turkey together with chemical weapons which according to reports by media recent reports and just backed by the e.u. and the us officials. they say that syria has chemical weapons that are ready to be used against rebels in the port and of course...
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was all together, we liked the itt's defense business and we liked this company. but you know what? sir, i've not looked at it either since the spinoff. we owe you to look at that and we will. i've been telling people that clean harbors is the way to play. i'm looking at xylem. they pick these things, hey, whatever, they've got the naming guys, i would have called it itt cleanup. anyway, we're going to look at it for you. don't let economic worries jade you. mexico's economy is thriving, it just doesn't get talked about. and i think kansas city southern is the way to benefit. >> all aboard! >> it's the nafta railroad except for it doesn't take away our jobs. don't move, "lightning round's" coming. >>> keep up with cramer all day long. follow @jimcramer on twitter and tweet your questions #madtweets. welcome to chevy's year-end event. so, the 5.3-liter v-8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer power? [ laughing ] [ stops laughing ] [ male announcer ] chevy's giving more. this holiday season, trade up to get the 2012 chevy silverado all-star edi
was all together, we liked the itt's defense business and we liked this company. but you know what? sir, i've not looked at it either since the spinoff. we owe you to look at that and we will. i've been telling people that clean harbors is the way to play. i'm looking at xylem. they pick these things, hey, whatever, they've got the naming guys, i would have called it itt cleanup. anyway, we're going to look at it for you. don't let economic worries jade you. mexico's economy is thriving, it...
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. >> in defense of the texting masses, i think it is brilliant. we're able to talk to each other a lot more than we used to be able to. we can tell people when we're going to be late, when we're going to be early. >> i agree with that! >> it's better than talking! it's communicating. >> it's better than talking? >> i agree with that. but people don't even look up anymore. they're always down like this. >> the average 15-year-old sends 195 texts a week. >> just look up every once in a while if you text or you're going to hurt yourself. >>> disney's new fantasyland, the largest expansion in the magic kingdom's 41-year history opens this week with new interactive rides and attractions inspired by the animated classics but also like "the little mermaid" and beauty and the beast." john carney, your little ones are going to love it. >> i have never been to a disney theme park in my entire life. >> are you kidding snee. >> never in my life. i asked my mother, what, did we hate disney? she says you guys just weren't that into it. i don't know if i'll ever
. >> in defense of the texting masses, i think it is brilliant. we're able to talk to each other a lot more than we used to be able to. we can tell people when we're going to be late, when we're going to be early. >> i agree with that! >> it's better than talking! it's communicating. >> it's better than talking? >> i agree with that. but people don't even look up anymore. they're always down like this. >> the average 15-year-old sends 195 texts a week....
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. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six months down the line. that's in if first month, six weeks of the new year. >> the other thing, depending on where you stand, the idea that we just get rid of congressional approval of the debt ceiling at all, which is that ludicrous proposal that was in the president's plan. that's not -- and would you really want that? would you really want not having any more oversight over whether we keep raising the debt? >> but there's also a compromise that's potentially there on that as well. >>
. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double...
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defense here. you can still make it. it gives the opportunity to at least make a final defense so to speak as to why they shouldn't take action. we'll see what that defense is when mr. hastings -- we have a sense for it given what they wrote yesterday. >> i'm sure it will be closely watched. we should be clear that we didn't see too much reaction in the stock for good reason. this is really a slap on the wrist in the scheme of things. this will be closely watched because i'm sure other companies will want to know whether if they tweet something, is that fair disclosure. if they use facebook and that will have ramifications in terms of how companies choose to share information with investors. the other point that it raises just thinking about information that can move the markets, this is separate from the s.e.c. in a wells notice, there are many days where we have economic data that is released and it is released a few minutes beforehand to subscribers to that service. is that fair? that's not the s.e.c.'s purview but it
defense here. you can still make it. it gives the opportunity to at least make a final defense so to speak as to why they shouldn't take action. we'll see what that defense is when mr. hastings -- we have a sense for it given what they wrote yesterday. >> i'm sure it will be closely watched. we should be clear that we didn't see too much reaction in the stock for good reason. this is really a slap on the wrist in the scheme of things. this will be closely watched because i'm sure other...